Premier Exhibitions Revenue up $1.5M YoY

ATLANTA, Jan. 11, 2011 (GLOBE NEWSWIRE) -- Premier Exhibitions, Inc. (Nasdaq: PRXI), a leading presenter of museum-quality touring exhibitions around the world, today announced financial results for the third quarter ended November 30, 2010. Chris Davino, Premier Exhibition's Chief Executive Officer, stated, "Our third quarter results were characterized by strength in our touring and stationary Titanic exhibitions as well as solid performance in our stationary Bodies exhibits. Collectively, these three areas of our business generated a gross profit margin of $1.9 million for the quarter and $10.2 million for the nine months ended November 30, 2010. Unfortunately, these three areas of strength were offset by continued weakness in the touring Bodies portion of our business, which for the third quarter and nine month periods experienced losses of $2.3 million and $1.0, respectively." Comparing the third fiscal quarter ended November 30, 2010 with the prior year third quarter: Revenue increased to $10.2 million compared to $8.7 million. Total exhibition days increased 19% to 1,613, as a result of better deployment of our entire capacity of touring exhibitions. Average attendance per exhibition day did not fluctuate at 608, as total attendance increased 20% to 980,506. Average ticket prices decreased 7% to $15.98 as compared with $17.16 in the prior year third quarter. Gross Profit decreased $3.1 million to ($0.4) million, reflecting lower revenue per exhibition day and attendee, as well as increased venue operating costs associated with more self operated exhibitions year over year. General and Administrative expenses decreased 1% to $4.6 million driven by lower legal fees. GAAP Net loss increased to ($5.7) million, or ($0.12) per diluted share from ($2.1) million, or ($0.05) per diluted share in the prior year period. Adjusted EBITDA, a non-GAAP measure (1), fell by ($3.0) million to ($4.9) million, which compares to ($1.9) million in the prior year period. On November 30, 2010, the Company had total cash and marketable securities of $7.1 million and no debt